Private & Charter Yachts
A Provisional Registration, which is valid as the permanent registration, lasts six (6) months and may be effected abroad where the yacht is not physically present in a Cyprus port. Therefore, the majority of yachts are therefore provisionally registered before permanent registration is effected.
The initial six-month period of provisional registration may be extended by a further three (3) months. In any event, permanent registration must be effected if the yacht calls at a Cyprus port at any time during the period of provisional registration.
The Permanent Registration of a provisionally registered yacht must be completed within nine (9) months (including the 3 months extension). It is not necessary for the boat to be present in a Cyprus port at the time of permanent registration.
The legislation provides for the two forms of internationally accepted bareboat registration: “parallel-in” registration and “parallel-out” registration. These two options offer some very interesting options for leaseback, hire purchase, finance arrangements, etc.
This form of registration offers the possibility for a foreign flag vessel which is on a bareboat charter to a Cyprus shipping company to be registered in “parallel” under the Cyprus flag for a period of usually two years, which is renewable. Under this type of registration, the deletion of the vessel from the foreign registry is not required, but the foreign nationality of the vessel is suspended. However, it should be noted that the above applies only where the law of the country of the foreign registry allows for the parallel registration of the ships registered in its registry.
Whereas the Parallel-out Registration Cypriot ships may be bareboat chartered to a foreign person or company and registered “parallel” in a foreign register for the duration of the charter party. This allows the financing of a ship and her mortgaging under the Cyprus flag and then her registration in a foreign Registry/Flag through a bareboat charter arrangement.
The parallel-out registration of a Cypriot ship is possible if she is bareboat chartered to a foreign individual or corporation and the law of the country of the foreign registry allows the parallel registration of vessels of another registry, under prerequisite conditions similar to those set out for the parallel-in registration of ships in the Cyprus Register of Ships.
This type of registration is possible for Cypriot ships which are provisionally or permanently registered in the Cyprus Register of Ships.
The parallel-out registration of a Cypriot ship must be approved by the Minister of Communications and Works.
The information and documentation needed prior to filing the application with the Registrar of Cyprus Ships which is similar to the Provisional Registration is the following:
- Company Certificates of the yacht-owning company by the Registrar of Companies;
- Existing name and the present flag of the yacht;
- Gross and net tonnage of the yacht;
- Place and year of built;
- Place where the yacht can be usually found;
- International Sign;
- Serial number / Plate Hull number;
- Proposed name;
- Seaworthy Certificate, in cases where the yacht is not newly built. Such a certificate is issued by a surveyor of a classification society or a Cyprus Government surveyor;
- Official evidence of ownership and freedom of encumbrances;
- Certificate of deletion from the previous registry or a certificate that the yacht is owned by the sellers and has no encumbrances (for non-newly built yachts);
- Bill of Sale duly stamped and legalized;
- Power of Attorney;
- Application for a Radio License (if applicable);